Portfolio Update

Standard Life Invs Property Inc Tst
02 July 2007


STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED

02 July 2007


Re: Listing Rule 15 - Top Ten Holdings


In accordance with paragraph 15.4.11 (ii) of the Listing Rules, Standard Life
Investments Property Income Trust Limited announces its ten largest investments,
including all investments with a value greater than 5% of its gross assets, as
at 30 June 2007:



+-----------------------+----------+------------+---------+------------------+
|Name                   |Location  |Capital     |Income   |Type              |
|                       |          |Value       |Yield    |                  |
+-----------------------+----------+------------+---------+------------------+
|Wellington House       |London    |£20 - £25m  |6.0%     |Standard Office   |
+-----------------------+----------+------------+---------+------------------+
|Clough Road Retail Park|Hull      |£15 - £20m  |4.6%     |Retail Warehouse  |
+-----------------------+----------+------------+---------+------------------+
|Hollywood Green        |London    |£15 - £20m  |6.1%     |Leisure           |
+-----------------------+----------+------------+---------+------------------+
|White Bear Yard        |London    |£10 - £15m  |4.4%     |Standard Office   |
+-----------------------+----------+------------+---------+------------------+
|Bucknall Street        |London    |£10 - £15m  |4.7%     |Standard Office   |
+-----------------------+----------+------------+---------+------------------+
|Drakes Way             |Swindon   |£5 - £10m   |6.8%     |Standard          |
|                       |          |            |         |Industrial        |
+-----------------------+----------+------------+---------+------------------+
|Wellesley House        |Harlow    |£5 - £10m   |6.8%     |Standard Office   |
+-----------------------+----------+------------+---------+------------------+
|Enjoyment Hall         |Welwyn    |£5 - £10m   |6.7%     |Office Park       |
+-----------------------+----------+------------+---------+------------------+
|Axys Nantgarw          |Cardiff   |£5 - £10m   |6.0%     |Office Park       |
+-----------------------+----------+------------+---------+------------------+
|Chancellors Place      |Essex     |£5 - £10m   |6.2%     |Standard Office   |
+-----------------------+----------+------------+---------+------------------+


All UK Property.





The Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Limited

Trafalgar Court

Les Banques

St Peter Port

Guernsey

GY1 3QL


Tel: [phone]

Fax: [phone]


END



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